The legislation, which Amodei is cosponsoring, would direct the comptroller general to complete an audit of the board of governors of the Federal Reserve system and of the Federal Reserve banks, followed by a detailed report to Congress. The bill passed the House 327 to 98.

“The Fed’s monetary policy has far-reaching consequences for the American people, affecting everything from employment to consumer prices to interest rates,” Amodei said in a statement after the vote. “Some oversight and accountability are more than warranted. It makes you wonder, who would oppose such transparency? This is an issue where my colleague from Texas, Rep. Ron Paul, has been right and I’m proud to support his effort.”

U.S. Sen. Dean Heller, R-Nev., a supporter of the audit legislation, issued a statement after the House vote: “The Federal Reserve is a major influence over our country’s economy, and the ability to audit this institution would bring much-needed accountability.

“It is essential that Congress exercise its constitutional responsibility to conduct oversight and scrutinize monetary policy in an open and transparent way,” he said. “I am a strong supporter of this bill, and I hope the Senate will take action on this legislation.”

Heller was a cosponsor of H.R. 459 when he was in the House and is currently a cosponsor of the Senate companion bill (S. 202).